Monday, February 4, 2013

The Firethorne Country Club has been sold, according to the property's listing broker.

The new owner was not identified but described in a press release as "a new entity to the golf industry" but "a veteran of the hospitality industry."

The country club, with its 18-hold golf course, ran into problems in 2009 when it stopped paying on a $8 million loan, according to court documents filed by its lender, Textron Financial Corp. The lender said at the time the club owed more than $5.5. million.

Textron started foreclosure proceedings in 2010, but they were halted when the country club filed for Chapter 11 bankruptcy protection, listing debts of $1 million to $10 million. Textron later took over the club, located in Marvin.

Marketing materials show the listing price as $5.5 million, a 57 percent discount to the $12.7 million county assessed value. The materials say the club has a historical annual revenue of between $4 million and $5 million.

Steven Ekovich and Chris Karamitsos with Marcus & Millichap's National Golf & Resort Properties Group represented the seller. Ekovich said he could not disclose the seller because of a confidentiality agreement. He also did not share the sales price.

Ely Portillo

Ely Portillo

About this blog

Ely Portillo covers economic development for the Observer, writing about who's building what in a city that seems to be sprouting new apartment and office towers on every corner. He also writes about Charlotte's airport, a major hub that's also undergoing a huge growth spurt. A transplant from Maryland, he's been reporting on his adopted hometown for more than five years. If you have a tip or story idea to share, you can contact him by email or give him a call at 704-358-5041. For the latest news, follow him on Twitter @ESPortillo.